Robinhood Markets (NASDAQ:HOOD) Stock Price Expected to Rise, Bank of America Analyst Says

Key Points

• Bank of America has raised its target price for Robinhood Markets from $139.00 to $157.00, maintaining a "buy" rating, indicating a potential upside of 10.79% from current levels.
• Multiple analysts, including KeyCorp and Citigroup, have significantly increased their price targets for Robinhood, demonstrating strong market confidence in the stock with a consensus rating of "Moderate Buy."
• Robinhood's shares are currently trading around $141.71, showing a substantial year-over-year revenue increase of 45.0%, which reflects a healthier financial outlook for the company.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) had its target price increased by research analysts at Bank of America from $139.00 to $157.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price objective points to a potential upside of 10.79% from the stock's current price.

A number of other analysts also recently weighed in on the company. KeyCorp boosted their target price on Robinhood Markets from $60.00 to $110.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. JMP Securities boosted their price objective on Robinhood Markets from $125.00 to $130.00 and gave the company a "market outperform" rating in a research report on Thursday, July 31st. Citigroup boosted their price objective on Robinhood Markets from $120.00 to $135.00 and gave the company a "neutral" rating in a research report on Tuesday, September 23rd. Needham & Company LLC boosted their price objective on Robinhood Markets from $120.00 to $145.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Cantor Fitzgerald boosted their price objective on Robinhood Markets from $100.00 to $118.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Twelve analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $113.59.

Robinhood Markets Trading Up 1.8%

Shares of NASDAQ HOOD traded up $2.57 during midday trading on Thursday, hitting $141.71. 11,332,204 shares of the company's stock were exchanged, compared to its average volume of 42,066,938. Robinhood Markets has a 12-month low of $22.05 and a 12-month high of $145.10. The company has a market cap of $125.94 billion, a price-to-earnings ratio of 72.22, a PEG ratio of 5.10 and a beta of 2.42. The business's fifty day moving average price is $112.70 and its two-hundred day moving average price is $80.86.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.30 by $0.12. The company had revenue of $989.00 million during the quarter, compared to analyst estimates of $893.93 million. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.Robinhood Markets's revenue was up 45.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.21 earnings per share. Equities analysts expect that Robinhood Markets will post 1.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Meyer Malka sold 1,093,288 shares of the company's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $103.87, for a total value of $113,559,824.56. Following the sale, the director directly owned 3,976,234 shares of the company's stock, valued at $413,011,425.58. This represents a 21.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven M. Quirk sold 60,113 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $100.91, for a total value of $6,066,002.83. Following the completion of the sale, the insider directly owned 94,454 shares in the company, valued at approximately $9,531,353.14. This represents a 38.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,906,462 shares of company stock valued at $509,427,417 over the last 90 days. 14.47% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Robinhood Markets

A number of institutional investors have recently modified their holdings of the stock. Park National Corp OH purchased a new stake in shares of Robinhood Markets in the third quarter worth $7,983,000. Rydar Equities Inc. purchased a new stake in shares of Robinhood Markets in the second quarter worth $435,000. Corient Private Wealth LLC lifted its holdings in shares of Robinhood Markets by 41.2% during the second quarter. Corient Private Wealth LLC now owns 43,039 shares of the company's stock valued at $4,030,000 after purchasing an additional 12,564 shares in the last quarter. CacheTech Inc. bought a new position in shares of Robinhood Markets during the second quarter valued at $240,000. Finally, Adams Wealth Management bought a new position in shares of Robinhood Markets during the second quarter valued at $240,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

Robinhood Markets Company Profile

Robinhood Markets, Inc operates financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds (ETFs), American depository receipts, options, gold, and cryptocurrencies. The company offers fractional trading, recurring investments, fully-paid securities lending, access to investing on margin, cash sweep, instant withdrawals, retirement program, around-the-clock trading, and initial public offerings participation services.

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